SMSF News and Strategies Podcast Show · Chris Reed: Certified Practicing Accountant (CPA), FPS and SMSF Specialist Advisor, Director of Business Concepts Group

SMSF NS118: The 2024 federal budget and the coming new Division 296 tax

·15 min·1 clip

The hosts warn against a 'knee-jerk reaction' of winding up your SMSF if your balance exceeds the new $3 million tax threshold.

Hosts Chris Reid and Sarah Power analyze the 2024 federal budget's limited impact on superannuation and provide a detailed explanation of the incoming Division 296 tax, which imposes an extra 15% levy on super fund earnings for balances over $3 million. They discuss the tax's controversial calculation based on unrealized gains, potential strategies for affected individuals, and briefly cover other upcoming changes like indexation of contribution caps and the increase in the superannuation guarantee.

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